Packaging Corp Of America (NYSE:PKG) Downgraded by KeyCorp

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KeyCorp cut shares of Packaging Corp Of America (NYSE:PKG) from a sector weight rating to an underweight rating in a research note released on Monday, BenzingaRatingsTable reports. KeyCorp currently has $89.00 target price on the industrial products company’s stock.

Several other equities research analysts have also recently weighed in on PKG. UBS Group restated a sell rating on shares of in a research report on Monday, June 24th. Seaport Global Securities cut shares of Packaging Corp Of America from a buy rating to a neutral rating and set a $98.02 price objective for the company. in a research report on Friday, July 12th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Green Brick Partners from a sell rating to a hold rating in a research report on Wednesday, April 10th. ValuEngine cut shares of Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st. Finally, Bank of America cut shares of Propetro from a buy rating to a neutral rating in a research report on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. Packaging Corp Of America presently has a consensus rating of Hold and a consensus price target of $100.09.

Shares of PKG stock opened at $97.99 on Monday. Packaging Corp Of America has a 12-month low of $77.90 and a 12-month high of $118.88. The company has a market cap of $9.30 billion, a P/E ratio of 12.20, a P/E/G ratio of 2.40 and a beta of 1.72. The company’s 50-day moving average price is $95.55. The company has a quick ratio of 1.93, a current ratio of 3.05 and a debt-to-equity ratio of 0.95.

Packaging Corp Of America (NYSE:PKG) last announced its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.02. Packaging Corp Of America had a net margin of 11.12% and a return on equity of 30.86%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the firm posted $1.55 EPS. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities research analysts predict that Packaging Corp Of America will post 8.1 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 14th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 3.22%. The ex-dividend date was Thursday, June 13th. Packaging Corp Of America’s dividend payout ratio is 39.35%.

Several large investors have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Packaging Corp Of America by 7.2% during the 1st quarter. BlackRock Inc. now owns 10,289,922 shares of the industrial products company’s stock worth $1,022,613,000 after buying an additional 692,098 shares during the period. Wells Fargo & Company MN grew its holdings in Packaging Corp Of America by 1.2% during the first quarter. Wells Fargo & Company MN now owns 2,495,547 shares of the industrial products company’s stock valued at $248,007,000 after purchasing an additional 28,510 shares during the period. JPMorgan Chase & Co. grew its holdings in Packaging Corp Of America by 17.3% during the first quarter. JPMorgan Chase & Co. now owns 2,155,074 shares of the industrial products company’s stock valued at $214,171,000 after purchasing an additional 317,708 shares during the period. LSV Asset Management grew its holdings in Packaging Corp Of America by 2.8% during the first quarter. LSV Asset Management now owns 2,020,442 shares of the industrial products company’s stock valued at $200,791,000 after purchasing an additional 55,700 shares during the period. Finally, Maj Invest Holding A S grew its holdings in Packaging Corp Of America by 28.3% during the first quarter. Maj Invest Holding A S now owns 1,677,197 shares of the industrial products company’s stock valued at $166,678,000 after purchasing an additional 369,946 shares during the period. Institutional investors own 88.85% of the company’s stock.

About Packaging Corp Of America

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products primarily in the United States. The company's Packaging segment offers various corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products.

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Analyst Recommendations for Packaging Corp Of America (NYSE:PKG)

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